NBC: Why are so many black-owned small businesses shut out of PPP loans?

PHOTO: Devon Mack, left, and Terence Dickson prepare 150 free lunches to distribute to local residents as part of Terra Cafe’s longstanding Neighbors Without Walls program in Baltimore, on April 18, 2020.Andre Chung / for NBC News

“I’m tired of hearing about the money. I want to see the money,” said one African-American owner of a small business.

By Ben Popken

The vast majority of black-owned small businesses do not qualify for the government’s emergency Paycheck Protection Program loan, despite a fresh round of CARES Act funding that includes $60 billion in set-asides for minority and other underserved borrowers.

Per its name, PPP was designed by Congress to shore up payroll for companies who saw business drop because of the coronavirus lockdowns. READ IN FULL

 

 

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